Acquired
Portsmouth – Retail Shop
9 Arundel Street, Portsmouth, Hampshire PO1 1NBFreehold Retail Investment
Tenure
Freehold
Lease Term
10 Years
Years Left on Lease
7y 5m
Area
1,134 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises ground floor retail shop. Upper parts have been sold-off on long leasehold.
- Pedestrianised city centre location with occupiers close by including Tesco Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The property comprises ground floor shop, providing the following accommodation and dimensions:
Ground Floor Retail: 107.25 sq m (1,134 sq ft)
First Floor: (Sold-off)
Ground Floor Retail: 107.25 sq m (1,134 sq ft)
First Floor: (Sold-off)
Tenancy Description
The shop is at present let to Love Empire Ltd for a term of 10 years from 1st June 2022 at a current rent of £22,000 per annum and the lease contains full repairing and insuring covenants. Upward only open market rent review in June 2027. Mutual break clause in June 2027 with minimum 12 months notice. Deposit held of £2,200.
First floor has been sold-off on long leasehold for a term of 999 Years from 28.11.22 at a ground rent of peppercorn.
First floor has been sold-off on long leasehold for a term of 999 Years from 28.11.22 at a ground rent of peppercorn.
Tenancies & Accommodation
Location Description
The city of Portsmouth is a major south coast naval base, ferry port and university city, and is also an important retail and commercial centre. The city has a resident population of some 175,000 and benefits from excellent road communication, being served by the M27, M271 and A3(M) Motorways and the A27 dual carriageway. There are also regular rail services to London and major South West towns. The property is situated on the north side of the pedestrianised Arundel Street, close to its junction with Commercial Road in the heart of the city centre with occupiers close by including Tesco Superstore, PureGym, Greggs, Wilko, HSBC, Barclays, Costa Café and many more.